Royal Dutch Shell PLC Chief Executive Ben van Beurden said the company`s growth in the next decade will depend on shale production. the Financial Times reported Sunday.
According to the newspaper. van Beurden sees `chemicals. electricity and biofuels as key sectors for Shell`s long-term future`. Depending on the price of oil in the 2020s. the CEO said. the oil major would probably want to continue investing in shale `because we will really want to grow this business quite quickly`.
Van Beurden said Shell has been working hard in the past few years to reduce shale production costs. and with `a little bit of help from the oil price going up. we now see that we can significantly accelerate investment into this opportunity`.
The recovery in oil prices and lower costs mean `you will see a tremendous amount of growth` in cash generation from shale. said van Beurden.